{"text":[[{"start":7.4,"text":"India’s economy grew faster than expected in the quarter that ended in June despite the shock from higher energy prices and disruptions to global trade caused by the war in the Middle East."}],[{"start":17.72,"text":"The country grew at 7.8 per cent compared with the same quarter last year, beating the central bank’s 7 per cent forecast even as it slowed from 8.6 per cent growth in the previous quarter."}],[{"start":28.68,"text":"India, the world’s fastest-growing large economy, is a major energy consumer and relies on imports for 90 per cent of its oil needs, more than half of which came from the Middle East before the US and Israel launched their war against Iran in February."}],[{"start":44.36,"text":"But Madhavi Arora, chief economist at financial services group Emkay Global, said the growth figure “validates [a] cyclical upturn in the economy” that had been visible since the start of the calendar year, one which has largely been driven by consumption."}],[{"start":58.8,"text":"This remained resilient, she said, despite the higher costs of raw materials such as oil and fertiliser from the Middle East, suggesting that businesses had been able to pass on a meaningful portion of their increased costs to consumers."}],[{"start":null,"text":"
"}],[{"start":71.56,"text":"The Reserve Bank of India had estimated that India would grow by 6.7 per cent in the current financial year, which began in April, as a result of the delayed impact of the Iran conflict. Analysts now expect this figure, which was down from 7.9 per cent the previous year, to be revised upwards."}],[{"start":88.78,"text":"Sakshi Gupta, principal economist at India’s HDFC Bank, said that growth had crossed its estimate of 7.5 per cent thanks to “upbeat domestic consumption, continued support from government spending and investments and healthy export performance”."}],[{"start":103.88,"text":"After oil prices shot up following the start of the Iran war, New Delhi was forced to scout for other sources of energy. Indian purchases of Russian oil have reached an all-time high in recent months as the Strait of Hormuz remained closed in the absence of a peace deal between Washington and Tehran."}],[{"start":119.86,"text":"While the government initially resisted increasing domestic fuel prices to shield its citizens from any direct impact, the higher costs of energy were eventually passed on to consumers. India’s inflation rose to 4.45 per cent in July, a 19-month high, and surpassed the central bank’s target of 4 per cent."}],[{"start":139.38,"text":"India remains the world’s fastest-growing major economy, but analysts say the country needs to grow at more than 8 per cent annually to create enough jobs for its 1.4bn population and meet Prime Minister Narendra Modi’s target of becoming a developed economy by 2047."}],[{"start":156.08,"text":"But weakness in manufacturing growth, tepid spending by the private sector and the struggle to create jobs have fuelled concerns about the country’s ability to meet the government’s ambitious targets."}],[{"start":167.46,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1788219804_3966.mp3"}